Chevron Corporation $CVX Shares Sold by Magnus Financial Group LLC

Magnus Financial Group LLC reduced its stake in Chevron Corporation (NYSE:CVX) by 19.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 17,530 shares of the oil and gas company’s stock after selling 4,222 shares during the quarter. Magnus Financial Group LLC’s holdings in Chevron were worth $2,510,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd lifted its holdings in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in Chevron during the 1st quarter worth approximately $31,000. IFS Advisors LLC lifted its holdings in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after buying an additional 116 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Chevron during the 1st quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV lifted its holdings in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Chevron Trading Up 1.1%

NYSE CVX opened at $159.15 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm’s fifty day moving average price is $155.64 and its 200 day moving average price is $149.09. The company has a market capitalization of $275.00 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 1.97 and a beta of 0.90. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company’s revenue was down 12.4% on a year-over-year basis. During the same period last year, the firm posted $2.55 EPS. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is 88.03%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CVX shares. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 target price on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Mizuho reduced their price objective on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Bank of America raised their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $165.05.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.